The UK recorded music industry generated $1.93 billion (£1.49 billion) in revenue during 2024, marking a 4.8% increase from the previous year, despite concerns over slowing growth in streaming and vinyl segments.

Key Revenue Highlights:

• Streaming revenue growth slowed to 5.7% (down from 8.4% in 2023)
• Ad-supported streaming grew 8.9% to $100.85 million
• Subscription streaming reached $1.13 billion, up 5.9%
• Physical format sales increased 1.3% to $319.45 million
• Vinyl revenue grew just 2.9% to $188.64 million
• CD revenue declined 0.5% to $125.20 million
• Sync revenue improved 11.3% to $56.84 million

Top Streaming Performances:

1. Noah Kahan "Stick Season" - 233.1M streams
2. Benson Boone "Beautiful Things" - 219.3M streams
3. Sabrina Carpenter "Espresso" - 202.8M streams
4. Teddy Swims "Lose Control" - 201.6M streams

The British Phonographic Industry (BPI) reports this marks the tenth consecutive year of growth for the UK recorded music industry. However, BPI CEO Jo Twist emphasized the need for supportive policies to maintain British competitiveness in the global market, particularly regarding AI regulations and copyright protection.

Digital downloads continued their decline, falling 6.6% to $31.46 million, while public performance revenue increased 5.6% to $209.35 million.

The figures come ahead of the IFPI's global industry report, scheduled for release on March 19th, which will provide worldwide context for these UK results.

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